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Weekly Market Report

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For Week Ending March 30, 2024

U.S. residential housing starts jumped 10.7% from the previous month to a seasonally adjusted annual rate of 1.521 million units, led by a surge in single-family starts, which increased 11.6% to 1.129 million units from the previous month, according to the U.S. Census Bureau. Meanwhile, overall housing completions rose 19.7% to a seasonally adjusted annual rate of 1.729 million units, the highest level since January 2007.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 30:

  • New Listings decreased 10.4% to 1,014
  • Pending Sales decreased 1.1% to 933
  • Inventory increased 12.0% to 7,029

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 4.6% to $358,000
  • Days on Market decreased 3.3% to 59
  • Percent of Original List Price Received increased 0.3% to 97.5%
  • Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Mortgage Rates Continue to Show Little Movement

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April 4, 2024
Mortgage rates showed little movement again this week, hovering around 6.8 percent. Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.

Information provided by Freddie Mac.